Wednesday, August 10, 2011

AP: Gold shoots past record $1,800 an ounce

QUOTE: "The price of gold surpassed $1,800 an ounce Wednesday for the first time as investors pulled their money out of stocks and snapped up precious metals contracts. Gold is fast becoming a favorite port in a storm of uncertainty. Investors are clinging to what they see as a hedge against volatile stock and currency markets. December gold contracts backed off their highs, and traded around $1,785 an ounce during midday trading after reaching a record $1,801 an ounce earlier in the day on the New York Mercantile Exchange."